Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.
Long-term empty homes in England top 300,000, worth £88.6bn
More than 300,000 homes in England have been sitting empty for at least six months, with an estimated market value of almost £90bn. New figures from the House Buyer Bureau show there are 754,264 vacant homes in total, of which 303,185 (40.2%) are classed as long-term vacant, representing an estimated £88.6bn worth of residential property sitting unused.
No single reason for vacancy
Chris Hodgkinson, managing director at House Buyer Bureau, said it was remarkable that the conversation constantly focuses on building hundreds of thousands of additional homes when more than 300,000 existing properties have already been empty for over six months. He noted that there is no single reason why a property remains vacant, and that not every empty home can simply be put back into use overnight. While building more homes remains essential, he argued that better use needs to be made of the housing stock that already exists.
London leads on empty stock value
London has the highest estimated value of long-term empty housing stock of any region. The capital has 47,287 long-term vacant homes, accounting for 45% of its 105,138 vacant properties. With the average London home valued at £544,814, House Buyer Bureau estimates the capital's long-term vacant stock is worth almost £25.8bn.
At borough level, Kensington and Chelsea has 2,030 long-term vacant homes, 59.7% of all vacant properties in the borough, while Westminster has 2,279, equivalent to 61.2% of its vacant housing stock, with an estimated combined value of £1.91bn.
Regional picture
Outside London, Birmingham has 7,060 homes that have remained vacant for more than six months. Based on the city's average house price, this equates to an estimated £1.64bn worth of long-term vacant housing.
What this means for agents and clerks
For letting agents and inventory clerks, the figures show the scale of long-term vacant stock across England, particularly in London and Birmingham, and the potential pool of properties that could return to use through sale, refurbishment or re-letting. Accurate inventories and condition reports remain key when vacant properties are brought back to the market.
Source: The Negotiator